The home health technology market is poised for strong growth throughout this decade and will have an impact on nearly every aspect of the healthcare ecosystem. Defined as connected devices, services, and applications used by a consumer outside of a clinical setting for medical, health, or wellness purposes, home health technology is becoming increasingly recognized by the healthcare industry as an effective means of curbing healthcare costs and producing better patient outcomes.
According to a recent report from Tractica, the global market for home health technologies will grow from $3.4 billion in 2014 to more than $13.7 billion by 2020. The market intelligence firm forecasts that remote medical consultations will constitute the largest portion of this revenue mix, followed by eldercare, medical monitoring, and health and wellness devices.
“Healthcare providers are seeing strong results from the use of telehealth and home health monitoring devices, services, and applications,” says principal analyst Charul Vyas. “Many of the application segments within the broader home health technologies market are complementary, and are being combined to enable strong return on investment, in addition to allowing the patient to be a more active participant in their healthcare.”
Tractica’s report, “Home Health Technologies”, examines the market trends and technology issues surrounding home health devices and applications and presents forecasts for users, services, and hardware during the period from 2015 through 2020. Services, devices, and applications are analyzed in depth, and the report also includes detailed profiles of key industry players across the home health ecosystem. An Executive Summary of the report is available for free download on the firm’s website.